Market Update Into April 17th: Another Sideways Week
Though markets saw their fair share of volatility this week with CPI data on Wednesday and the beginning of earnings season on Friday, indices ultimately closed flat relative to last week’s close. However, now that earnings season is upon is, traders will be looking for news to spur indices out of the tight ranges they’ve been trading in recently. Let’s dig into the individual names below.
This week, the SPY ETF closed at $412.46 (+0.80%). making very little headway relative to last week’s close, but managing to break above the downward-sloping trendline from the summer 2022 high. Above and below lie unfilled gaps that could act as magnets for price in the weeks ahead.
This week, the QQQ ETF closed at $318.57 (+0.16%), spending another week consolidating above the February highs. This index is firmly in the middle of the weekly ascending channel and consolidating at the aVWAP from the all-time high. Below lies an unfilled gap and the aVWAP from the March lows, that could act as support if this index moves lower in the weeks to come.
This week, the IWM ETF closed at $176.51 (+1.51%), managing to stay above the short-term 8-period SMA and the aVWAP from the March low. Above lies an unfilled gap that could act as a magnet for the price if this index is able to continue higher in the weeks to come.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.